VIZIO Holding Corp. (NYSE: VZIO) reported Q1 EPS of $0.02, $0.12 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $505.7 million versus the consensus estimate of $484.07 million.

First Quarter 2021 Highlights

Financial and operational highlights include:

• Net revenue increased 52% year over year to $505.7 million
• Platform+ net revenue increased 120% year over year to $52.2 million
• Gross profit increased 82% year over year to $86.7 million
• Net income declined 64% year over year to $3.3 million
• Adjusted EBITDA increased 218% year over year to $40.4 million
• SmartCast Active Accounts grew 57% year over year to 13.4 million
• SmartCast Hours grew 70% year over year to 3.6 billion
• Average Revenue Per User (ARPU) increased 76% year over year to $14.52

Business highlights include:

• Ranked #2 best-selling TV brand in the US during Q1 20211
• Ranked #1 best-selling Sound Bar in the US during Q1 20212
• Named Best Connected TV Platform by Digiday
• Awarded IGN's Best 4K TV for Gaming (P-Series Quantum 9)
• Editors' Choice Award from IGN, Reviewed and Newsweek (OLED, P-Series Quantum X and Quantum 9)
• Editors' Choice Award from Reviewed and WIRED Recommends (V-Series, M-Series and Elevate Sound Bar)
• Added 32 free ad-supported channels, including HSN/QVC, Fuse Sweat, and several from AMC Networks
• Univision joined Project OAR as the first Spanish-language network
• Launched The CW, FOX NOW, and FOX Nation streaming apps

“Our first quarter results demonstrate the success of our investments in our Device and Platform business," said William Wang, Founder and Chief Executive Officer of VIZIO Holding Corp. “We see tremendous opportunity ahead as we continue to invest in the quality of our execution, the quality of our products, and most importantly, the quality of our team. The evolution of TV is calling for a revolution, and VIZIO is here to answer it.”

For earnings history and earnings-related data on VIZIO Holding Corp. (VZIO) click here.